Final Results

Close Brothers Dev VCT PLC 30 March 2006 CLOSE BROTHERS DEVELOPMENT VCT PLC PRELIMINARY RESULTS 30 March 2006 Close Brothers Development VCT PLC ('the Company'), which provides equity and debt finance to growing unquoted and quoted companies across a variety of sectors, with investments ranging from service to asset-backed businesses, today announces preliminary results for the year ended 31 December 2005. This announcement has been approved by the Board of Directors on 29 March 2006. Financial Highlights: Ordinary Shares C Shares Year ended Year ended 31 December 2005 31 December 2005 Dividends paid per share 5.20 5.90 Net asset value per share 102.51 107.81 Shareholder value per share since launch: Pence per Pence per share(ii) share(ii) Dividends paid during the period ended 31 December 1999 (i) 1.00 0.00 Dividends paid during the year to 31 December 2000 3.65 0.00 Dividends paid during the year to 31 December 2001 3.20 0.00 Dividends paid during the year to 31 December 2002 4.20 0.00 Dividends paid during the year to 31 December 2003 (iii) & (iv) 4.50 0.75 Dividends paid during the year to 31 December 2004 4.00 2.00 Dividends paid during the year to 31 December 2005 5.20 5.90 ---------- ---------- 25.75 8.65 Net asset value at 31 December 2005 102.51 107.81 ---------- ---------- Total cumulative return at 31 December 2005 128.26 116.46 ---------- ---------- Notes (i) assuming subscription for Ordinary Shares by the First Closing on 26 January 1999. (ii) excluding tax benefits received upon subscription. (iii) assuming subscription for C Shares by the First Closing on 31 December 2002. (iv) those subscribing for C Shares after 30 June 2003 were not entitled to the interim dividend. For further information, please contact: Patrick Reeve Clemmie Carr / John West Close Venture Management Limited Tavistock Communications Tel: 020 7422 7831 Tel: 020 7920 3150 Notes 1) Close Brothers Development VCT PLC is managed by Close Venture Management Limited. 2) Close Venture Management Limited is authorised and regulated by the Financial Services Authority. 3) The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31 December 2005 or 2004, but is derived from those accounts. The restated financial information for the year ended 31 December 2004 is derived from the statutory accounts for that year. These statutory accounts prior to the restatement changes as described in note 5 below have been delivered to the Registrar of Companies. The financial information for the year ended 31 December 2005 has been derived from the statutory accounts for the year which will be delivered to the Registrar of Companies shortly. The auditors reported on those accounts; their report was unqualified and did not contain statements under s237(2) or (3) Companies Act 1985. 4) There were no changes in equity other than those arising from capital transactions with owners and distributions to owners. 5) Changes in accounting policies With effect from 1 January 2005, the Company adopted the new Financial Reporting Standards ('FRS') 21-26, that have been issued by the Accounting Standards Board as part of the convergence process between United Kingdom Generally Accepted Accounting Practice and International Financial Reporting Standards ('IFRS'). In the case of FRS 25 and 26, the Company applied the exemption from restating 2004 comparative figures available on the transition at 1 January 2005. The effects of the relevant accounting policies are disclosed in the respective notes below, and restatement and adjustment of the relative comparative figures are detailed in note 5. Investments In accordance with FRS 26 'Financial Instruments Measurement', equity investments are designated as fair value through profit or loss account ('FVTPL'). The total column of the Statement of Total Return represents the Company's profit and loss account. Investments listed on recognised exchanges are valued at the closing bid prices at the end of the accounting period. Unquoted investments' fair value is determined by the directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Fair value movements on equity investments and gains and losses arising on the disposal of investments are reflected in the capital column of the Statement of Total Return in accordance with the AITC SORP. Unquoted loan stock is classified as loans and receivables in accordance with FRS 26 and carried at amortised cost using the Effective Interest Rate ('EIR') method. Movements in the amortised cost relating to interest income are reflected in the revenue column of the Statement of Total Return and movements in respect of capital provisions are reflected in the capital column of the Statement of Total Return. Loan stock accrued interest is recognised in the Balance Sheet as part of the carrying value of loans and receivables at the end of the reporting period. Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment. Under the terms of the transitional provisions contained within FRS26, the opening balances for revenue and unrealised capital reserves at 1 January 2005 in relation to the carrying values of loans and receivables and equity investment valuations have been adjusted to reflect the impact of the adoption of FRS 26. The adoption of FRS26 has resulted in a decrease in unrealised capital reserves and a decrease in the carrying value of the equity investment at 1 January 2005 as a result of moving from mid to bid value. In addition it has resulted in a decrease in the Ordinary Share revenue reserve and an increase in the C Share revenue reserve as at 1 January 2005 as a result of the adjustment to the treatment of loan stock investment now held at amortised cost as determined by the EIR method. Dividends In accordance with FRS 21 'Events after the balance sheet date', dividends declared by the Company are accountd for in the period in which the dividend has been approved. Comparatives for revenue reserves at 31 December 2004 have been restated in recognition of a change in accounting policy. The adoption of FRS 21 has resulted in a decrease in the distribution liability as a result of the de-recognition of proposed dividends thereon and an increase in the revenue reserves as at 31 December 2004. A reconciliation of reserves incorporating the restatements and adjustments required by the adoption of FRS21 and FRS26 is illustrated below: Reconciliation of revenue reserves Ordinary Shares C Shares Â£'000 Â£'000 ---------------------------------- Revenue reserves previously reported at 31 December 2004 182 50 Restatement as required by adoption of FRS21 - change in accounting for dividends 306 445 ---------- -------- Restated revenue reserve at 31 December 2004 488 495 Adjustment as required by adoption of FRS26 - change in valuation of loan stock investment to amortised cost using the EIR method (55) 40 ---------- ---------- Revenue reserves as at 1 January 2005 as adjusted 433 535 ========== ========== Reconciliation of unrealised capital reserves ----------------------------------------------- Ordinary Shares C Shares Â£'000 Â£'000 Unrealised capital reserves previously reported at 31 December 2004 1,679 1,272 Adjustment as required by adoption of FRS26 - change in valuation of AIM quoted investments to bid price (39) (10) --------- -------- Unrealised capital reserves as at 1 January 2005 as adjusted 1,640 1,262 ========== ========== The restatement and adjustments to reserves at 31 December 2004 and 1 January 2005 as described in note 5 above are noted in the reconciliation of reserves as follows: Share Special Capital Realised Unrealised Premium reserve redemption capital capital Revenue reserve reserve reserve reserve Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Ordinary Shares At 31 December 2004 - (restated for FRS 21) 48 5,991 420 (2,206) 1,679 488 Adjustment to balances - for FRS 26 at 1 January 2005 (note 5) - - - - (39) (55) Cancellation of own shares - (514) 286 - - - Gains/(losses on investments - - - 1,442 (19) - Retained net capital account - - - (178) - - Retained net revenue - - - - - (332) ------------- ------ ------ -------- -------- ------ At 31 December 2005 48 5,477 706 (941) 1,621 101 ------------- ------ ------ -------- -------- ------ Share Special Capital Realised Unrealised Premium reserve redemption capital capital Revenue reserve reserve reserve reserve Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 C Shares At 31 December 2004 - (restated for FRS 21) 3,160 5,100 93 (362) 1,272 495 Adjustment to balances - for FRS 26 at 1 January 2005 (note 5) - - - - (10) 40 Cancellation of own shares - (236) 126 - - - Gains/(losses on investments - - - 1,193 445 - Retained net capital account - - - (441) - - Retained net revenue - - - - - (297) ------------- ------ ------ -------- -------- ------ At 31 December 2005 3,160 4,864 219 393 1,707 238 ------------- ------ ------ -------- -------- ------ With the exception of the revised accounting policies as described in note 5 above, this announcement has been prepared on the basis of the accounting policies as stated in the previous years' financial statements. CHAIRMAN'S STATEMENT Introduction I am pleased to report another successful year for the Company; NAV for the Ordinary Shares rose 7% to 102.5 pence per share while the C Shares rose 5% to 107.8 pence per share. In addition, excluding the final dividend for the year to 31 December 2004, Ordinary Shareholders have been paid two dividends totalling 3 pence per share and C Shareholders have been paid two dividends totalling 3.5 pence per share during the year. Investment review As reported at the interim stage, the Company saw the successful sale in April 2005 of Automotive Technik, the manufacturer of military vehicles, which realised a gain of Â£1.4 million for the Ordinary Share portfolio and a gain of Â£1.5 million for the C Share portfolio. A number of new investments were made during the period. These included the development of a new health and fitness club on a 30 acre freehold site in Weybridge, Surrey; the purchase of two cinemas, being the Ritzy in Brixton and the Exeter Picture House; the development of a new health and fitness club at Tower Bridge in London; and the provision of development finance to RFI Global Services, which provides testing services to mobile phone manufacturers. In addition, investments were made in five new companies which own and manage freehold pubs. As a whole, the investment portfolio is performing well. In particular, there have been uplifts in valuation in Peakdale Molecular, the provider of services to the pharmaceutical industry, Grosvenor Health, the occupational healthcare provider, and Evolutions Television, the TV post-production company. In all three, performance has continued to improve as the businesses have grown over previous periods. Proposed amendment to investment policy As set out in more detail in the circular to shareholders enclosed with this report and accounts, your Board is recommending at the forthcoming AGM that shareholders approve an amendment to the Company's existing investment policy. This amendment is designed to give the manager greater flexibility in the investments it can make on behalf of the Company, while at the same time aiming to preserve the philosophy of seeking to reduce the risks associated with investment in smaller, unquoted companies. Prospects and projected dividends In the current year, your Board considers that the further growth prospects for the Company's portfolio of investee companies are good. It is the Board's current intention to declare a first dividend at the time of the next quarterly announcement of the Company's net asset value, for 31 March 2006, which is expected to be announced in early May. As reported at the interim stage, the income generated from the C Share portfolio is strong and growing, whereas the Ordinary Share portfolio's successful disposal programme in late 2004 and early 2005 has, while greatly boosting asset value, depressed revenue as high yielding loan stock has been repaid. It is therefore anticipated that the directors will be able to declare a first interim dividend of 1 penny per Ordinary Share and 1.5 pence per C Share. Results Ordinary Shares As at 31 December 2005 the net asset value of the Ordinary Shares of your Company was Â£13.7 million, compared to Â£13.4 million (restated) at 31 December 2004. This equates to a net asset value per share of 102.5 pence (2004: 96.1 pence restated). Net income after taxation for the year amounted to Â£381,000 (2004: Â£675,000). C Shares As at 31 December 2005 the net asset value of the C Shares of your Company was Â£19.8 million, compared to Â£19.0 million (restated) at 31 December 2004. This equates to a net asset value per share of 107.8 pence (2004: 102.6 pence restated). Net income after taxation for the year amounted to Â£610,000 (2004: Â£616,000). Roderick Davidson Chairman 29 March 2006 THE PORTFOLIO OF INVESTMENTS Ordinary Shares At 31 December 2005 At 31 December 2004 Equity Investments Cumulative* Total Investments Cumulative* Total Change in owned at cost movement in carrying at cost movement in carrying carrying carrying /fair carrying /fair /fair /fair value /fair value value for value value the year net of investments in the year Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----- ------- ------- ------ ------- ------ ------ ------- Qualifying investments Automotive Technik (Holdings) Ltd - - - - 819 436 1,255 - Careforce Group Plc 14% 534 1,859 2,393 534 1,968 2,502 (109) Churchill Taverns VCT Ltd 5% 115 11 126 - - - - City Screen (Liverpool) Ltd 5% 50 2 52 50 (6) 44 8 CS (Brixton) Ltd 4% 150 - 150 - - - - CS (Exeter) Ltd 4% 60 - 60 - - - - CS (Greenwich) Ltd 2% 110 3 113 110 - 110 3 Consolidated Communications Management Ltd 11% 1,000 53 1,053 1,000 4 1,004 49 Evolutions Television Ltd 6% 700 117 817 702 1 703 116 GB Pub Company VCT Ltd 4% 170 1 171 - - - - Grosvenor Health Ltd 6% 435 306 741 325 190 515 116 Lowcosttravelgroup Ltd 1% 130 2 132 - - - - Peakdale Molecular Ltd 9% 1,064 179 1,243 1,064 (154) 910 333 The Bold Pub Company Ltd 3% 400 21 421 320 15 335 6 The Dunedin Pub Company Ltd 3% 80 1 81 - - - - The Independent Beer Company Ltd 4% 90 (8) 82 - - - - The Independent Pub Co. (VCT) Ltd 3% - - - 60 - 60 - The Q Garden Company Ltd 17% 1,032 (472) 560 682 (417) 265 (55) The Rutland Pub Company Ltd 4% 60 1 61 - - - - The Weybridge Club Ltd 3% 300 3 303 - - - - Tower Bridge Health Clubs Ltd 3% 200 - 200 - - - - ------- ------ ------- ------- ------- ------- ------ Total qualifying investments 6,680 2,079 8,759 5,666 2,037 7,703 467 Non-qualifying investments The Independent Pub Co.(VCT) Ltd 3% 60 (14) 46 - - - (14) ------- ------ ------- ------- ------ ------- ------ Total investments 6,740 2,065 8,805 5,666 2,037 7,703 453 ------- ------ ------- ------- ------ ------- ------- Close Brothers Development VCT PLC Ordinary Shares has also committed funds of Â£200,000 to a further investment in The Weybridge Club Limited. *Included in this movement is capital appreciation/(depreciation) on the equity investments amounting to Â£1,621,000 (2004: Â£1,640,000) and the movement in carrying value of loans and receivables of Â£444,000 (2004: Â£397,000). THE PORTFOLIO OF INVESTMENTS (Cont'd) C Shares At 31 December 2005 At 31 December 2004 Equity Investments Cumulative* Total Investments Cumulative* Total Change in owned at cost movement in carrying at cost movement in carrying carrying carrying /fair /fair carrying /fair /fair /fair value /fair value value for value value the year net of investments in the year Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----- ------- ------- ------ ------- ------ ------ ------- Qualifying investments Automotive Technik (Holdings) Ltd - - - - 839 469 1,308 - Careforce Group Plc 4% 263 362 625 263 390 653 (28) Churchill Taverns VCT Ltd 6% 160 14 174 - - - - City Centres Breweries Ltd - - - - 804 (320) 484 - CS (Brixton) Ltd 5% 175 - 175 - - - - CS (Exeter) Ltd 4% 65 - 65 - - - - CS (Greenwich) Ltd 13% 650 20 670 650 - 650 20 Evolutions Television Ltd 10% 1,300 194 1,494 305 - 305 194 GB Pub Company VCT Ltd 5% 200 2 202 - - - - Grosvenor Health Ltd 26% 1,570 1,326 2,896 1,430 788 2,218 538 Lowcosttravelgroup Ltd 2% 160 2 162 - - - - Peakdale Molecular Ltd 3% 133 - 133 133 (100) 33 100 The Bold Pub Company Ltd 12% 1,440 91 1,531 1,350 65 1,415 26 The Dunedin Pub Company Ltd 4% 100 1 101 - - - - The Independent Beer Company Ltd 4% 100 (9) 91 - - - - The Independent Pub Co. (VCT) Ltd 7% - - - 230 - 230 (54) The Rutland Pub Company Ltd 4% 70 - 70 - - - - The Weybridge Club Ltd 8% 800 6 806 - - - - Tower Bridge Health Clubs Ltd 4% 260 1 261 - - - - ------- ------- ----- ------- ------- ------ ------- Total qualifying investments 7,446 2,010 9,456 6,004 1,292 7,296 796 Non-qualifying investments Bradford & Bingley FRN April 06 1,997 3 2,000 1,997 2 1,999 1 Citigroup FRN March 2009 2,999 6 3,005 2,999 - 2,999 6 Woolwich FRN April 06 2,003 (3) 2,000 2,003 - 2,003 (3) Smiles Brewing Company Limited 48% 155 (33) 122 - - - - Smiles Pub Company Limited 48% 430 (29) 401 - - - - The Independent Pub Co. (VCT) Ltd 7% 230 (54) 176 - - - - ------- ------- ------- ------- -------- ----- ------- 7,814 (110) 7,704 6,999 2 7,001 4 ------- ------- ------- ------- -------- ----- ------- Total investments 15,260 1,900 17,160 13,003 1,294 14,297 800 ------- ------- ------- -------- -------- ------ ------- Close Brothers Development VCT PLC C Shares has also committed funds of Â£1.3 million to a future investment in Evolutions Television Limited. *Included in this movement is capital appreciation/(depreciation) on the equity investments amounting to Â£1,707,000 (2004: Â£1,262,000) and the movement in carrying value of loans and receivables of Â£193,000 (2004: Â£32,000). Statement of Total Return (incorporating the revenue account) for the year to 31 December 2005 ----------- -------------- -------------- Ordinary Shares C Shares Total Year ended Year ended Year ended 31 December 2005 31 December 2005 31 December 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----------------------------------------------------------------------------------------------------------- Gains on investments - 1,423 1,423 - 1,638 1,638 - 3,061 3,061 Investment income 696 - 696 1,092 - 1,092 1,788 - 1,788 Investment management fee (88) (263) (351) (127) (382) (509) (215) (645) (860) Other expenses (77) - (77) (102) - (102) (179) - (179) ----- ------ ----- ----- ------ ----- ----- ------ ----- Return on ordinary activities before tax 531 1,160 1,691 863 1,256 2,119 1,394 2,416 3,810 Tax on ordinary activities (150) 85 (65) (253) 127 (126) (403) 212 (191) ----- ------ ----- ----- ------ ----- ----- ------ ----- Return attributable to equity shareholders 381 1,245 1,626 610 1,383 1,993 991 2,628 3,619 Amounts recognised as distributions to equity shareholders in the period (713) - (713) (907) (186) (1,093) (1,620) (186) (1,806) ----- ------ ----- ----- ------ ----- ----- ------ ----- Transfer (from)/to reserves (332) 1,245 913 (297) 1,197 900 (629) 2,442 1,813 ===== ====== ===== ===== ====== === ===== ===== ====== Basic and diluted return per share (pence) 2.8 9.1 11.9 3.3 7.5 10.8 ----------- ----- ------ ---- ----- ----- ------ ----- ----- ----- All of the Company's activities derive from continuing operations. The total column of this Statement of Total Return represents the profit and loss account of the Company in accordance with FRS 26. There were no recognised gains and losses other than the results for the year as disclosed above. Accordingly a statement of total recognised gains and losses is not required. Statement of Total Return (incorporating the revenue account) for the year to 31 December 2004 (Restated)* ----------- -------------- -------------- Ordinary Shares C Shares Total Year ended Year ended Year ended 31 December 2004 31 December 2004 31 December 2004 Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ----------------------------------------------------------------------------------------------------------- Gains on investments - 2,463 2,463 - 1,366 1,366 - 3,829 3,829 Investment income 1,121 - 1,121 1,097 - 1,097 2,218 - 2,218 Investment management fee (76) (229) (305) (101) (303) (404) (177) (532) (709) Other expenses (81) - (81) (116) - (116) (197) - (197) ----- ----- ------ ------- ----- ----- ------ ----- ------ Return on ordinary activities before tax 964 2,234 3,198 880 1,063 1,943 1,844 3,297 5,141 Tax on ordinary activities (289) 72 (217) (264) 93 (171) (553) 165 (388) ----- ----- ------ ------- ----- ----- ------ ----- ------ Return attributable to equity shareholders 675 2,306 2,981 616 1,156 1,772 1,291 3,462 4,753 Amounts recognised as distributions to equity shareholders in the period (577) - (577) (233) - (233) (810) - (810) ----- ----- ------ ------- ----- ----- ------ ----- ------ Transfer to reserves 98 2,306 2,404 383 1,156 1,539 481 3,462 3,943 ====== ======== ======= ======= ======= ====== ====== ====== ======= Basic and diluted return per share (pence) 4.7 16.1 20.8 3.6 6.8 10.4 ------ --------- ------- ------- ------- ------ * Comparative figures have been extracted from the statutory accounts for the year ended 31 December 2004 and have been restated in accordance with FRS21 as explained in note 5. All of the Company's activities derive from continuing operations. There were no recognised gains and losses other than the results for the year as disclosed above. Accordingly a statement of total recognised gains and losses is not required. Balance Sheet as at 31 December 2005 ---------------------- ---------- ---------- ---------- Ordinary Shares C Shares Total 31 December 31 December 31 December 2005 2005 2005 Â£'000 Â£'000 Â£'000 ---------------------- ---------- ---------- ---------- Fixed asset investments Qualifying investments 8,759 9,456 18,215 Non-qualifying investments 46 7,704 7,750 ---------- ---------- ---------- Total fixed asset investments 8,805 17,160 25,965 Current assets Debtors 111 55 166 Cash at bank 4,975 2,907 7,882 ---------- ---------- ---------- 5,086 2,962 8,048 Creditors: amounts falling due within one year (201) (390) (591) ---------- ---------- ---------- Net current assets 4,885 2,572 7,457 ---------- ---------- ---------- Total assets less current liabilities 13,690 19,732 33,422 ========== ========== ========== Capital and reserves Called up share capital 6,678 9,151 15,829 Share premium 48 3,160 3,208 Special reserve 5,477 4,864 10,341 Capital redemption reserve 706 219 925 Realised capital reserve (941) 393 (548) Unrealised capital reserve 1,621 1,707 3,328 Revenue reserve 101 238 339 ---------- ---------- ---------- Total equity shareholders' funds 13,690 19,732 33,422 ========== ========== ========== Net asset value per share (pence) 102.5 107.8 ---------------------- ---------- ---------- ---------- Balance Sheet as at 31 December 2004 (Restated)* ---------------------- ---------- ---------- ---------- Ordinary Shares C Shares Total 31 December 31 December 31 December 2004 2004 2004 Â£'000 Â£'000 Â£'000 ---------------------- ---------- ---------- ---------- Fixed asset investments Qualifying investments 7,703 7,297 15,000 Non-qualifying investments - 7,000 7,000 ---------- ---------- ---------- Total fixed asset investments 7,703 14,297 22,000 Current assets Debtors 186 110 296 Cash at bank 5,980 5,045 11,025 ---------- ---------- ---------- 6,166 5,155 11,321 Creditors: amounts falling due within one year (485) (416) (901) ---------- ---------- ---------- Net current assets 5,681 4,739 10,420 ---------- ---------- ---------- Total assets less current liabilities 13,384 19,036 32,420 ========== ========== ========== Capital and reserves Called up share capital 6,964 9,278 16,242 Share premium 48 3,160 3,208 Special reserve 5,991 5,100 11,091 Capital redemption reserve 420 93 513 Realised capital reserve (2,206) (362) (2,568) Unrealised capital reserve 1,679 1,272 2,951 Revenue reserve 488 495 983 ---------- ---------- ---------- Total equity shareholders' funds 13,384 19,036 32,420 ========== ========== ========== Net asset value per share (pence) 96.1 102.6 ---------------------- ---------- ---------- ---------- * Comparative figures have been restated in accordance with FRS21 in respect of declared dividends. Cash flow Statement for the year ended 31 December 2005 ----------------------- ---------- ---------- ---------- Ordinary Shares C Shares Total Year ended Year ended Year ended 31 December 31 December 31 December 2005 2005 2005 Â£'000 Â£'000 Â£'000 ----------------------- ---------- ---------- ---------- Operating activities Investment income received 253 482 735 Deposit income received 144 528 672 Other income received 6 16 22 Investment management fees paid (453) (451) (904) Other cash payments (3) - (3) ---------- ---------- ---------- Net cash (outflow)/inflow from operating activities (53) 575 522 Taxation (536) - (536) Capital expenditure and financial investment Purchase of qualifying investments (1,595) (3,620) (5,215) Purchase of non-qualifying investments - (92) (92) Disposals of qualifying investments 2,405 2,340 4,745 ---------- ---------- ---------- Net cash inflow/(outflow) from investing activities 810 (1,372) (562) Equity dividends paid Dividends paid on ordinary shares (713) (1,093) (1,806) ---------- ---------- ---------- Net cash (outflow) before financing (492) (1,890) (2,382) Financing Cancellation of shares (513) (248) (761) ---------- ---------- ---------- Net cash outflow from financing (513) (248) (761) ---------- ---------- ---------- Decrease in cash in the period (1,005) (2,138) (3,143) ========== ========== ========== Cash flow Statement for the year ended 31 December 2004 ----------------------- ----------- ---------- ---------- Ordinary Shares C Shares Total Year ended Year ended Year ended 31 December 31 December 31 December 2004 2004 2004 Â£'000 Â£'000 Â£'000 ----------------------- ----------- ---------- ---------- Operating activities Investment income received 1,397 822 2,219 Deposit income received 84 192 276 Other income received 1 - 1 Investment management fees paid (366) (403) (769) Other cash payments (101) 27 (74) ----------- ---------- ---------- Net cash inflow from operating activities 1,015 638 1,653 Capital expenditure and financial investment Purchase of qualifying investments (1,741) (4,733) (6,474) Purchase of non-qualifying investments - (2,999) (2,999) Disposals of qualifying investments 5,240 1,056 6,296 Disposals of non-qualifying investments - 1,999 1,999 ----------- ---------- ---------- Net cash inflow/(outflow) from investing activities 3,499 (4,677) (1,178) Equity dividends paid Dividends paid on ordinary shares (577) (233) (810) ----------- ---------- ---------- Net cash inflow/outflow before financing 3,937 (4,272) (335) Financing Issue of equity net of expenses - 6,671 6,671 Cancellation of shares (425) (146) (571) ----------- ---------- ---------- Net cash (outflow)/inflow from financing (425) 6,525 6,100 ----------- ---------- ---------- Increase in cash in the year 3,512 2,253 5,765 =========== ========== ========== This information is provided by RNS The company news service from the London Stock Exchange

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